Pension Release

[gillannev]

I have a poor pension. I will be lucky to get �600 a year out of it when I retire. I need money now to help with my business. Is there any way I can release money from my pension now. I'm under 50. Could really do with this money.

[factor-fiction]

If the contributions were paid in the last 2 years and you then left the employer you have the right to get those back if you request it quickly.

But generally the answer is 'No'. Pension schemes are for retirement savings and that's why contrbutions get tax relief. Also the goverment wants to make sure people have some pension income for later in life as it helps keep state benfit costs down.

You can't draw any money from it until at least age 50, and depending on your age now rule changes may mean you have to wait until 55. And even then the most you could withdraw as cash is 25% of the value of the fund- the rest must be taken as retirement income.

I think there are some cowboy outfits that offer to 'unlock your pension fund' but you'll get very little from them.

[chrissa1]

Yes, sadly for you, you young person, you have to wait until you are nearer retirement age. I have just commuted a tax free sum of 25% of my pension which we could really do with now. This only reduces my pension per year by �300.00. As it was only ever going to be �900.00 per year I felt I'd rather have some money now. But, I'm afraid you're too young. I'm closer to 60 than 50, not giving anything away. LOL.

[oldgit51]

I had a similar problem and found these people most helpful http://www.soepension...k/pension_release.php

Hope they can help, good luck.